Hess to Spend $5.8 Billion in 2014

Hess has unveiled a US $5.8 billion capital and exploration budget for 2014, with an increasing share geared towards unconventional shale development in the US and, to a lesser extent, deepwater projects.

Up to $2.85 billion – 49% of the budget – is allocated to development of unconventional shale resources, while $1.49 billion (25%) will go on production projects, $925 million (16%) on development work and $550 million (10%) on exploration.

In the deepwater sector, funding has been allocated to the Tubular Bells and Shenzi fields in the US Gulf, as well as to Hess’ North Malay Basin project, according to Greg Hill, Hess president and chief operating officer. He said cash will also be used for ongoing drilling at the Valhall field off Norway, the South Arne field off Denmark, Block G off Equatorial Guinea, and Block A-18 in the Joint Development Area offshore the Gulf of Thailand. “Our exploration programme includes wells in Ghana and Kurdistan,” Hill added.